As you are probably aware by now, digital currencies especially Bitcoin are largely perceived as the future of finance. It is only a matter of time before they completely take things over from the traditional, fiat currencies, like dollars and euros. As their leader and the absolute king in both worth and demand, Bitcoin is the model cryptocurrency around which everything revolves.
Because of this, whenever there is a new movement or a potential new idea it is the one chosen to base things on. The same thing happened in gambling, especially its online variety. In the last years, these kinds of casino games have enjoyed immense popularity on the web with millions of players who never gambled decided to try their luck. The obvious thing, therefore, happened when Bitcoin entered the world of gambling and when the first Bitcoin casinos opened.
However, the majority of common people still do not know nearly enough about this new form of fun and the technology behind it. Therefore, they do not trust it and are hesitant about investing and trying it out. If you are one of them, this article will give you all the information you need to know to change your mind and understand how safe small Bitcoin casinos for gambling truly are. If you are interested in learning even more about this topic, we advise you to see Playamo home page.
Why Use one in the First Place?
Gambling with regular money has been around for centuries, so why change it at all if it has worked well for all this time? Well, the reasons for that are many. Cryptocurrencies come equipped with a host of benefits and advantages for everyone involved. For example, the speed at which you can make transactions and pick up your earnings is unmatched. Withdrawing the amount you have just won in the form of Bitcoin takes minutes, compared to regular currencies which could take days or even weeks to complete.
Among the most important things that are drawing more and more customers and players to this new type of casino is the low fees involved. With digital currencies there are no third parties like governments or banks, meaning no intermediaries are taking small percentages of your transactions. This keeps the fees low at all times and both sides send and receive it at minimal, barely-there costs. Traditional casinos tend to take immensely high percentages that are often rude and disrespectful, plain and simple.
Last but not least, the privacy that comes with virtual currencies can never exist with the old money. Depositing, withdrawing, and playing are all done completely anonymous as there are no personal or financial details involved with the account except the electronic wallet address. The address also has no ties to the physical person, which means that your anonymity is complete.
Security (and Issues?)
Now we are getting to the core of the article and answering the titular question of how safe Bitcoin casinos are for gambling. Right from the start, it should be said that they are not more nor less secure than regular online casinos. Considering the fact that these services utilize some of the best online safety measures both those we see like two-factor authentication, passwords and captchas, and the ones behind the scene, rest assured that your data is protected.
While hacks and cyber-crime do exist on the web and although nothing is ever 100% safe, most of it is still confined to large cryptocurrency exchanges where the real money is. Those are the largest prizes for perpetrators who do not really get their time’s or money’s worth with casinos. There is yet to be a major attack or a theft at a casino that deals with digital currencies.
Moreover, if we take into account the cryptographic nature of Bitcoin and its cousins and compare them directly to traditional money, the tech that makes it all possible automatically gives a security advantage to Bitcoin casinos. With these transactions, everything is encrypted more than once, as well as verified at different points in the large blockchain network. What is more, lengthy private keys are used for every single transaction and they are very hard to break into while the transfer is actually happening. By taking this into our evaluation, we can easily claim that Bitcoin casinos are safer than regular online casinos.
How to Spot an Illegitimate Casino
Of course, things are never perfect and there will always be those looking to swindle people and steal away their possessions. The same goes for casinos that operate with cryptos. There are many faulty, rogue, casinos on the web only looking to get your information and then steal your balance. Because of this, you have to be careful and evaluate your steps while choosing the right place to gamble.
The official blacklist only contains three so far, Balzac Casino, Grand Reef, and Euro Play Casino, but best believe there are thousands of them online at any moment. They utilize unsafe business practices, never resolve customer problems, never reply to customer support, take ages to pay if they pay at all, and show no information about their licenses and general business.
The best way to check if the place you are thinking of trusting is worth your time and money is to read reviews and view the ratings on the web. Types of games, welcome bonuses, customer support, payments, and security are the most discussed topics there, and really the things you should care about. If you cannot find anything online about a casino, or if the reviews are largely negative, never risk it as you will surely lose your Bitcoin.
Conclusion and Takeaways
In summation, yes, small bitcoin casinos are safe. It could be argued that they are the safest online gambling option out there if we remember that crypto money is safer than fiat money. However, a lot is also up to you and how well you are navigating the dangerous waters on the internet. If you pay attention to every step of the way and make sure to stay safe and triple-check everything, there is no reason to believe you will be the victim of a gambling service that is not legit.